Brits protect possessions 'more than themselves'

People living in Britain are more likely to take out insurance cover on their electrical goods and home contents than they are to protect themselves, research suggests.

An Ipsos MORI survey of around 2,000 people found that as many as five in seven (71%) of Britons surveyed have contents insurance, while 23% have insurance against an electrical appliance breaking down and spoiling the festive season.

However, much fewer have personal protection, with around a half (44%) of respondents having life cover and just 15%  having critical illness cover to provide a lump sum or income should they or their partner get a critical illness.

Fewer than one in ten (9%) of people have income protection insurance and even fewer (5%) have unemployment benefit. It also shows that one in 9 (11%) have personally funded private medical insurance.

The most common barrier to taking out insurance to provide a -lump sum of money or income should you become critically ill or die, is cost -  with 44% of respondents thinking that insurance is too expensive. This is followed by one in eight (13%) who think it is not necessary as they have savings.

The study was carried out for Scottish Provident, the life insurer.

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